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Saying Goodbye to the Arches
Wednesday, October 28, 2015 3:28
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Under the Obama administration the term non-profit takes on an entirely new definition.
Arches Health Plan, a (non-profit) membership cooperative that was born out of the Affordable Care Act and insures 66,000 Utahns, has been ordered out of the insurance market for 2016.
Arches insures more low-income Utahns on the federal exchange, healthcare.gov, than any other company besides SelectHealth. – SL Trib
Arches becomes the 11th Obamacare co-op to fail out of the original taxpayer funded 23.
35,000 people will be forced to find new health insurance for 2016.
If you like your plan, get over it.
Arches was not able to raise the cash needed to assure regulators that it would be solvent enough to handle claims through 2016. The co-op has enough money to ensure existing policyholders have a “soft landing,” with all claims paid, Kiser said.
Where are all those smiling faces now?
#ObamacareFail #Co-opFail
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Source: http://insureblog.blogspot.com/2015/10/saying-goodbye-to-arches.html
